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for the next couple of days and into the hands of people in the senate. adam: rich edson at the white house. i know that you are going to regroup. gerri willis and "the willis report" will stop where we leave off. gerri willis is up next to explain all this for you. have a great weekend, everybody. gerri: hello, everybody, president obama calling on congress just moments ago asking to avoid the fiscal cliff. he said he is moderately optimistic that a deal could be done by december 31. congressional leaders are working on crafting a bill. certainly no grand bargain here that would improve entitlements. if they can't get a deal, the president has told harry reid to put the white house proposals up for an up or down vote. the details just keep on coming out. with us now are two guests. first, we are going to go rich edson. he is here with the very latest. tell us what you made of the president's comments. he was very direct. reporter: he was. and now he passes on to the senate. senate majority leader harry reid, senate minority leader mitch mcconnell. they are trying to come up with something tha
keep on coming out. with us now are two guests. first, we are going to go rich edson. he is here with the very latest. tell us what you made of the president's comments. he was very direct. reporter: he was. and now heasses on to the senate. senate majity leader harry reid, senate minority leader mitch mcconnell. they are trying to come up with something that can pass the house and the senate. the president laid out a proposal earlier this evening. at the beginning of this meeting. $250,000 per year. that income would be shielded from tax increases, and now he wants an extension of unemployment insurance. that is something that essentially a nontarter in a republican-controlled house. now he is leaving it up to the two leaders in the u.s. senate try to reach a compromise. something perhaps along the line of what is being negotiated between the speaker and the president a couple of weeks ago. perhaps a tax increase for amounts of more than $400,000 or $500,000 per year. also, senate leaders want to include something on the estate tax, according to a white house official. we'll can
higher above the 400,000 mark. shibani: the meeting still going on, rich edson live at the white house with the latest details. what do we know now, rich? >> what we got from an administration official, that president obama offered what he detailed in the speech a week ago keeping tax rates where they are for families earning less than $250,000 a year, extending long term unemployment insurance policy, and that bit of detail he gave a week ago in a speech is basically derived from the larger deficit proposal offered over, really, the last couple years as president of the united states. we're waiting whether or not in the meeting, lasting an hour at the white house, started at 3:10, is whether or not they made progress towards changing that proposal in a fashion to pass the house of representatives or make it viable for some senate republicans to join with that. the president, the administration officials say they offered the proposal as a way to get republicans to come back with something else, they say. if not, the president wants this plan to be voted on in the house and to be voted
boehner left the capital and the white house said the ball was in speaker boehner square. rich edson is on the white house with the latest. were they talking about? this on a day when president obama said i have cut $1 trillion already in spending. that was part of last summer's budget deal. but he says that i am willing to do a lot more cuts in spending. you have a willingness to do spending cuts, a willingness from john boehner to raise revenues. however, we have been stuck on the details of this thing for the past two weeks here. the past three weeks or longer. the white house is putting an offer on the table. they were far apart in spending cuts. our part in revenues and the way they do increase tax revenues. republicans say no to any tax rate increase. how speaker john boehner says they will do it by limiting deductions next year. what the white house wants is an immediate tax rate increase on families earning more than $250,000 per year. they have been going round and round. there has been incredibly little progress in washington since the offers officers were first treated. w
b in case the negotiations with the president fail. dagen: rich edson is in washington. rich: in the house, republicans will vote on a backup plan. a vote to shield those from a tax increase. as for the talks between the president and speaker, president obama wants 300,000 more. boehner wants 1 trillion in spending cuts. when you take away interest savings, the white house is not about 930 billion speaker boehner says the president needs to move towards a better balance. >> i have made it clear to the president that i would put a trillion dollars of revenue on the table if he was willing to put a trillion dollars of spending reductions on the table, that, at this point, would be my version of a balanced approach. rich: harry reid says speaker boehner plan b is the farthest thing from a balanced approach. it cannot pass both houses of congress. a vote in the house is likely thursday on plan b. connell: the white house has now rejected the speakers plan b saying it does not ask enough of the wealthiest americans on taxes. those that put us to plan c or something? rich: a lot of
on $250,000 and above. as rich edson said, this is going to be another deadline in congress has to have. i think everyone needs to get comfortable with the fact that we are going to have these kinds of stopgap last-second deals. gerri: okay, let's get tyler in here too, are republican strategist. is there any common ground can be found here? i mean, this seems to me like a last-ditch effort. let me tell you what it when it was announced today that there was going to be a meeting at 3:00 o'clock from expectations went through the roof. i think people thought something really big was going to happen at the end of the day. the president is saying that he is modestly optimistic. maybe you would be something by december 31. what do you make of it? >> he is modestly optimistic about no new changes here. you know, the country needs a leader. no matter what party you are from, that is what we need. that's what we need in the president of the united states, and we we have a president that gets a bunch of people together and says let's talk about the problem. instead, he just shovels the problem ove
in washington, d.c. right now. but our own rich edson is there. he's there. where's everyone else? he's going to give us an indication on the latest on this high-stakes drama that's playing out. david: also fear of that cliff pushing the dow below 13,000 earlier today before recovering on news that the house is returning to work. coming up, we get you ready for a happy new year no matter what happens with the cliff. a chief investment officer giving us his top picks for the new year. one he says could give you a 20% return by the end of 2013. fiscal cliff or no fiscal cliff. ♪ ♪ [ male announcer ] this is karen anjeremiah. they don'know it yet, but they' gonna fall in love, get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about mon. [ dog barks ] because right after they get married, they'll find some retirement people who are paid on salary, not commission. they'll get straightforward guidance and be able to focus on other things, like each other, which isn't rocket science. it's just common
is happening as the clock ticks away? rich edson live in a bell with latest. dave: speaking of the fiscal cliff is it really changing the way companies plan to do business next year? the ceo of stephen shipman joins us with an exclusive look at their latest cfo survey. how are cfos planning what washington can decide? liz: state across the country must decide today who will be setting of the mandatory health insurance exchange required by the health care act. the decision could have a big impact on your coverage and the prices you will pay and maybe insurance stocks. we will break down the numbers for you straight ahead. [ male announcer ] this is amy. amy likes to invest in the market. she also likes to ride her bike. she knows the potential for making or losing money can pop up anytime. th's why she trades with the leader in mobile trading. so she's always ready to take action, no matter how wily.. or weird... or wonderfully the market's behaving... which isn't rocket science. it's just common sense. from td ameritrade. but with advair, i'm breathing better. so now i can be in the scene. adva
as the clock keeps ticking to possible tax hikes for everybody. a lot of plans out there. rich edson has been on top of every made being made inside the beltway. find out what's in the plans and the hit that you could be taking. liz: plus take a look at this, hovnanian, hov, up nearly 300% this year, actually more than that. can it keep rising at this pace as housing continues to recover? we have the ceo and president of hovnanian enterprises. what does 2013 going to look like? better than that? david: let's hope. [ male announcer ] this is amy. amy likes to invest inhe market. she also likes to ride her bike. she knows the potential for making or losing money can pop up anytime. that's why she trades with the leader in mobile trading. so she's always ready to take action, no matter how wily... or weird... or wonderfully the market's behing. which isn't rocket scnce. it's just comm sense. from td ameritrade. david: s&p futures are closing right now. let's go back to the cme group. larry as we ended the trading day, we saw a little drop off. did that continue into the futures? >> it did. we se
closer to middle ground? rich edson sitting down with the new chair of the house financial services committee. ♪ [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the marke he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. you know how painful heartburn can be. for fast, long lasting relief, use doctor recommended gaviscon®. only gaviscon® forms a protective barrier that helps block stomach acid from splashing up- relieving the pain quickly. tr
how much. liz: rich edson live on capitol hill with the very latest on the fiscal cliff countdown. larry shover live in the pits of the cme, and what action we saw, wow, and we've got more than $100 billion worth of advice from our market panel, bill greiner and sandy lincoln. but first, let's talk to rich edson and, rich, you know, you're looking at a situation at the moment where you have the president saying we're close, but no deal. you have senator mitch mcconnell on the republican side saying close, but no deal. leads me to ask, what about joe biden? our vice president? he's the one who kind of brought things together in the early morning hours. >> reporter: he did, and mitch mcconnell called vice president biden, and they were hammering out a deal almost to the point where the senate minority leader said when he woke up this morning he thought they did have a deal, at least on the tax portion. republicans saying they have worked out and reached agreement on the tax issues, the problem are the automatic spending cuts, the $94 billion known oz the sequester throughout 2013. t
of dollars a year with no tax plan to match it. rich edson joins us with more on this depressing story. rich? >> right. you know even if you were to somehow find the trillions of dollars you're looking for we're still out of balance. a large piece of the fiscal cliff is $94 billion in automatic government spending cuts over the next year. part of a trillion dollars in federal cuts over the next decade though even with these cuts the federal government is still projected to spend more each year over the next decade. to put this in perspective, one former cbo director says the costs of hurricane sandy could easily wipe out most of next year's savings. >> with a trillion dollar deficit right now. so if you cut 94 billion and nothing else changes you barely dented the deficit. the other programs are growing. we'll not see spending decline. in fact we'll likely have a emergency spending bill for sandy that is 60 billion. 94 is gone right there. >> even with a trillion dollars in cuts federal spending is on the way up every year starting with 3.5 trillion this fiscal year. nearly 3.6 trillion in 2
. >> there you go. rich edson in dc with the latest on that. hey, rich. >> congressional republicans say the latest fiscal cliff shrugged off the concession on taxes. the administration is calling for a trillion and a half dollars in tax increases, and the other sticking point for republicans, much of it must be the results of tax rate increases, and that's a non-starter for republicans. >> flabbergastee. i looked, and i said, you can't be serious? i just never seen anything like it. we have seven weeks between election day and the end of the year, and three of those weeks have been wasted with this nonsense. >> okay. you heard for the first time in two decades now acknowledge revenues can go up as part of the balanced plan, a good first step, but they have to deal with rates and revenues. >> this talk has lawmakers and analysts skeptical. they could strike a deal to have hundreds of billions in tax increases set for january. still, both sides have been through the debate before. they know the options available to cobble a deal together. one aid says it's too early for either side to rea
of a deal possibly being put in place. rich edson is in d.c. rich: there is some movement on this finally. speaker boehner is at the white house right now meeting with president obama. the last framework that they have on the table -- a trillion dollars in spending cuts. democrats still want an increase in the debt ceiling. republicans feel if they are going to do a trojan dollars in revenue increases, they figure if you get a debt ceiling increase on that, they will want another trillion dollars or more in cuts. right now, house speaker john boehner and president obama working on this framework. there are bits of optimism in washington. this is still something that has to be sold to house republicans. house republicans in the senate. the thought that something like that could easily get through congress, we have a long way to go. they are meeting at the white house right now. connell: there is the working framework on the screen. we are getting there. i think rich put it best. we have a ways to go. dagen: 1.4 trillion, 1 trillion from boehner, 1.4 for president. let's bring it to gather.
mixed. not too far off that unchanged line. connell: let's talk about plan b. we have rich edson on capitol hill. rich: even if it does pass, it is not in its current form going to pass senate. this seems to be the best opportunity, at least, to get something moving. republican leadership is still trying to get enough votes. there are two amendments. anyone getting a tax increase for anyone earning less than $1 million a year. capital gains and dividends, less than $1 million. 15%. that is the top rate. it makes permanent and amt patch. it prevents tens of millions of americans having to pay that additional tax. that is this first amendment. the second deals with what is known as the sole questioner. the automatic spending cuts that are supposed to take place. they will replace them with cuts elsewhere in the federal budget. we expect the house to vote on this somewhere in the 8:00 o'clock hour. if it does pass the house, it goes on to the senate. it will be a game of legislative ping-pong. you have to watch out for the president and speaker boehner getting more momentum in their
in these negotiations. cheryl: rich edson. dennis: the dow losing 112, they're starting to catch wind that john boehner will say something depressing instead of hopeful. clearly betting on good news. cheryl: rich edson obviously standing by, thank you, we will take those live comments from john boehner when you guys appear on the house floor. dennis: i will go with this. even if we do avoid the fiscal cliff our next guest says a european blow up and apple topping out could be bigger holders for the market in 2013. there is gary kaltbaum, thank you for joining us. you think we will have an accord. we have got to stop. we have the house speaker. we will be with you in a minute. >> wondering when is the president going to get serious? i yield back. >> the chair recognizes the gentleman from pennsylvania five minute. >> mr. speaker, i rise today to recognize victor they carlo for receiving the national order -- cheryl: obviously the gentleman standing by. we expected to hear from john boehner but didn't hear much. it was very brief, very brief. dennis: didn't speak very long. let's go back to our guests, g
cliff continues, democrats cannot seem to find a compromise on top earners. rich edson is back in the white house with more. >> president obama said look, if republicans agree to my tax plan, we can get this deal done in a week.3 john boehner is waiting on the president, he says he's read hey to meet with the president at any time. we asked the president obama plan on calling the speaker or inviting the speaker to the white house and we haven't gotten a response. what is dumbing this all up is the tax rate increase. >> were not insisting on rates out of spite for any kind of partisan victory. but rather because we need to raise a certain amount of revenue. >> an obsession to raise taxes is not going to solve the problem. what will solve the problem is doing something about the entitlements, taking on wasteful spending in washington. speak up for the fiscal cliff is part of the half trillion dollars in cuts to the pentagon. the defense has been saying we will not plan for sequestration's because they don't want to be cautious because it is like a gun to the head. they're now loo
together. what about democrats and republicans together? a deal seems so far apart right now. rich edson following the situation in dc joining us now. rich, what's the latest? >> it does, david, and we have time on this, although it seems like we don't. the two sides, though, fair hi fair apart. the white house proposal on the table, boehner call it a joke. the white house called it magii beans and ferry dust. president obama in the negotiation drew a line he had yet to draw. >> we're going to have to sew the rates on the 2% go up. we're not going to be able to get deal without it. >> been no deals of this mag magnitude made in congress and forced on reluctant president. i hope the president would turn off the campaign, congratulations, you had a great victory, and let's get serious about dealing with this deficit and debt here at the end of the year. >> back to the president's comments. he had yet before to explicitly say rates had to go up on those earning $250,000 or more. that was the white house position. that is their condition now for a deal. it's in the face of what republicans
specific proposals gaining traction inside the beltway? 's go to rich edson reporting on the late e. rich? >> speaker and president are working with a framework t would cut spending by a trillion dollars over the next decade and raise tax revenue by a same amount on amounts over a million dollars and curbing deductions over a process congress would negotiate next year. they're talking about continuing and phasing out payroll tax cut, extended unemployment insurance, possibly a major sticking point for republicans, raising the debt ceiling. the white house says negotiators are trying to configure a deal with republicans that can pass congress and insure wealthier americans are >> any potential agreement would not only have to align with the president's principles. it would require tough choices by both sides including the president, and including republicans. it will not be a deal that any single person or either party is going to say, reflects exactly what they wanted. >> house speaker john boehner is speaking with house republican leadership now. tomorrow morning at their weekly meeting.
. let's go right to rich edson for more on this breaking story. rich? >> aides say this is an exchange of partial proposals to try to get the ball moving a little bit after some type of impasse over the last few days. this is basically an offer that the house republicans say they have just sent to the white house but there are still major difference ares here. this is from a boehner spokesperson saying the longer the white house slow-walks this process the closer our economy gets to the fiscal cliff. there is major business lobbyist out there telling us right now the discussions are focusing on process. how do to it. not necessarily substance. so there are no details on what these offers exactly state. they're not even really getting out on capitol hill right now. so we're still watching it to maintain. again you've got the exchange of partial offers at least coming out of the white house and from house republicans but they still remain fairly far apart. melissa: rich, you have been right in the heart of this story from the beginning. to you, does this feel like progress? what's your o
deal could be reached in a week. rich edson with the latest. it was an off the record meeting. this is a meeting that affects all of us. speak of the business roundtable says all the meetings are off the table and they have the initial remarks live and available to the press. in that the president did say we could settle this issue in a week if republicans relent on their position for taxes. offering $800 billion in tax revenue, coming from only closing loopholes and seductions, no to a tax rate increase for the president says it is making $250,000 or more, tax rates are going up. >> we will not raise them just out of spite, but rather because the need to raise a certain amount of revenue. >> the president doesn't agree with our proposal and our outline, think he has an obligation to send one to the congress. and a plan that could pass both chambers of commerce. if you look at the plans the white house has talked about thus far, they couldn't pass either house of the congress. >> high-level negotiations have basically stalled at this point. old sites are selling their plans to
to an offer made by the white house yesterday, we go to rich edson from washington, d.c. with the latest. rich, any response from the white house on this? >> still working on that. aids say in exchhnge of proposals taken place, some movement, but still major differences between the white house and speaker's office. fox news reports the speaker and president just spoke on the phone. white house folks say there's a sign of movement. a senior house aide says the white house reduced the demand for tax revenue increases from $1.6 trillion to $1.4 trillion, well short of the latest republican offer of $800 billion, though, there is another offer on the table from republicans that the details are unknown. boehner spokesman says we acceptability the white house a counteroffer to achieve reform to solve the crisis. we're still waiting for the white house to identify which spending cuts the president is willing to make as part of the balanced approach. fox news is reporting senior white house officials say the sides are making progress, but some senior congressional republicans say there's little moveme
. reach edson with the very latest. rich: $800 billion in revenue increases through a tax overhaul. republicans are still opposed to any tax rate increases in this plan. in a show bipartisanship, republicans say they have co-opt these details from a plant bernsen bowls offered last year. in this letter to the president, republican leaders right this is by no means an adequate long-term solution. it will require fundamental entitlement reform. indeed, though both plant is the exact type of imperfect, but fair one without hurting our economy and creating jobs. today, the white house has demanded an offer from republicans. they now have one. back to you. llri: rich edson, and he thinks. the market is taking a breather today. dupont and 3m are the biggest draggers on the dow. early stocks rising out of the gate out of some good news out of china over the night. hitting a seven month high, but then the u.s. isf number hit at 10:00 a.m. eastern and a wave of selling. manufacturing activity contracted in november. they say the factory index came in at 49.5 in november. down from almost 52
the fiscal cliff. negotiations are still not there yet. complete coverage. rich edson has been grabbing lawmakers in yanking into the microphone all day. peter barnes watching every word of the white house. one e-mail that i have in my hand caught our attention. senator mitch mcconnell telling republican colleagues they had a deal at 1:45 a.m. but then later this morning which would be early for most people, the white house call demanding that the sequestered be turned off. what are you hearing about that? what does that really means? >> well, upon capitol hill, apparently at the last minute there were some senate democrats who were getting nervous. there has been some division as to whether or not there were trying to replace the sequester, the lay it all together, or to allow some partial cuts. apparently the plant originally was that the senate democrats and republicans will each put forward their own ideas and plans for dealing with the sequester but then again according to our colleague, some senate democrats got concerned about that. they would rather just delay th3 sequester alto
to speak in a few minutes as his plan b approach to the fiscal cliff, rich edson is at the capitol with the latest. >> waiting for the vote on the back a plan expected to come in the 8:00 hour this evening and even if it does pass the house democrats in the senate and in the white house say it has no chance to be passed or signed by the president so it gives the senate's one day to change this thing or do anything tomorrow because senate majority leader harry reid says the senate will be out at the end of this week not returning until december 27th so it appears this will be hanging over congress's head and the economy's head for quite some time but while this uncertainty is going on republicans say the house is moving ahead. >> the speaker indicated to the white house and president almost daily that he would like to see a broader, more balanced approach from a white house. in lieu of that we are proceeding with plan b which is the permanent tax relief bill coupled with spending reduction act. >> want to be absolutely clear. john boehner's plans are nonstarters in the senate. >> th
american. the speaker would not comment. back to you. lori: so frustrating. rich edson, thank you so much for that update. lori: we will be on pins and needles for a while. the voters are sending mixed signals. voters think the best way to deal with the countries deficit problem is mostly with cuts and government spending. majorities say major spending cuts are necessary. that solely raising taxes on the wealthy is not enough. even so, the most popular is raise taxes on the rich. 69% say it should happen for the top 2%. lori: interesting. they also favor closing the loopholes and getting rid of the deductions. it is almost as if those two are coming hand in hand. if you do not need, if you are in good health in your 40s, you can say someone who is in the 60s that we will raise the age. we have to have the discussion on that entitlement front and center. joining us for more on the debt talks in washington. ron kind joins us from capitol hill. i am going to quote you. i want to read something that you said not too long ago. in all probability, it will likely entail having to vote for someth
serious. rich edson --. lori: sorry to interrupt. melissa: he has the latest. rich. >> that image is getting closer and closer to reablety here as there has been no progress on any of these discussions. house speaker john boehner hittinging the house floor a short while ago. president obama wants the house to allow tax increases, tax rate increases on families earning more than $250,000 a year. house republicans have an offer on the table. they say they're waiting on the president. >> the president doesn't agree with our approach, he has got an obligation to put forward a plan that can pass both chambers of the congress. because right now the american people have to be scratching their heads and wondering when will this president going to get serious? >> we're basically looking at the same impasse today we were looking at a couple of weeks ago but there is some talk at least beyond fiscal issues in the country on capitol hill. we met up with the incoming chairman of house financial services committee and asked him about the idea going around washington whether or not we should bre
out over a billion dollars in criminal fines this year. rich edson has exclusive details. >> more than a billion dollars come from price fixing and all from data supplied exclusively to fox business by law firm confirmed by the justice department. the amount of the 2012th this fl year in the 102 year history of the sherman antitrust act. with a half billion dollars to auto parts companies and executives, the lcd panel maker for half a billion dollars. totaling $1.1 billion. former director of justices antitrust division said the ongoing investigation with the libor scandal setting up 2013 as another record-breaking year. >> i think 2013 stands to outpace 2012. 2012 pales in comparison to the corporate fines that come down in 2013. >> these fines are present a higher penetration asian-based companies paying more than 95% of the 2012 penalties. back to you. melissa: rich edson, thank you so much. interesting stuff. lori: federal reserve kicking up a meeting tomorrow, but with so much uncertainty surrounded by the fiscal cliff, what more can chairman ben bernanke and company do to reassur
the cliff. rich edson in washington with the latest, rich? >> they are stuck on this offer, which the white house says is less of an offer and the same position the administration staked out in its jobs bill and deficit proposal over the last couple years. half trillion in tax increases or trillion and a half in tax increases, $600 billion in spending cuts, more spending, and a permanent increase in the debt ceiling. on fox news sunday, boehner called that deal a joke. >> just flabbergasted. i looked, and said, you can't be serious? i just never seen anything like it. we got seven weeks between election day and the end of the year. three of those weeks have been wasted with the nonsense. >> okay. you heard them, the first time in two decades now, acknowledge they want revenues up as the balanced plan, a good first steppedded, but they have to say what they do operates and revenues. that's hard for republicans. >> runs of billions of spending cuts, tax increases begin in less than a month, and with the negotiations, two sides are about where they started. still, aids say it's early to be mov
continuing as he meets with democrats and republican governors. cheryl: rich edson is live from the white house with up to the minute details with this just concluded meeting, rich? >> right. a handful of republican and democratic governors submerging from the west wing after the meeting with president obama with the message to fix the fiscal cliff. the democrats and republicans refuse to either endorse or dismiss either of the plans out there. the one floated by the white house and the one that house republicans floated yesterday. that, of course, the latest plan in washington, $800 billion in tax revenue increases, a trillion cuts in spending, including entitlements. it's a plan that was partially taken from the former chief of staff for president bill clinton, one that the republicans put out yesterday, and it's one that democrats roundly rejected. >> republicans' plan, on the other hand, is more of the same. not only does it balance the budget on the backs of the middle class, but voids the promise to seniors with cuts to social security and medicare all to pay for handouts to the ric
washington and the leaders. any kind of compromise? rich edson's live on capitol hill with up-to-the-minute developments. rich, what do you know? >> republicans anticipating or expecting president obama and democrats to offer a fiscal cliff deal, perhaps a scaled back proposal, but, still, no indication that's going to happen this afternoon. the senate is in session. the house returns sunday. they will take a vote sunday night on another piece of legislation. the senate has been working on other legislation, not related to the fiscal cliff, and that has some folks in washington speculating this afternoon's meeting in the white house is nothing but show. the one senior democrat says it is a serious effort. >> well, this is not for show, but a last ditch effort by the president to bring the congressional leaders together to try to get at least a small package, small deal together before the new year to avoid some of the tax parts of the fiscal cliff and the deal with some of the unemployment issues. >> now, that deal, the small deal that the congressman is talking about, specula
a counter offer from the gop. david: so what is being proposed now? fox business' rich edson joining us. by the way, i'm holding in my hand the counteroffer, and, again, they say we're clear on specifics, but it's hard to find the specifics in this stuff whether it's the gop plan or the president's plan. >> reporter: right, david. broad numbers here from the republicans. they've just countered the white house with a plan aides say saved $2.2 trillion over the next decade and on top of the $1 trillion in cuts they agreed to last summer. this offer includes $800 billion in revenue increases through a tax overhaul. republicans are still opposed to any tax rate increases. $900 billion in cuts to mandatory spending programs. those programs include medicare, medicaid and social security. and $300 billion in cuts to other government spending. in the letter to the president, republicans write: this is by no means an adequate long-term solution as resolving the long-term fiscal crisis will require fundamental entitlement reforms. >> reporter: before receiving that offer, the white house said it
moved negotiations forward. so where do we actually stand on all of this? fox business's rich edson is at the white house with more and did they really move this forward and is that a good sign? what do they mean? >> well, adam, they're still assessing the fallout from this meeting, democrats and republicans. leadership returned to the hill right now and basically what we've got from the start of this meeting according to a senior administration official president obama began by offering essentially what he laid out in a speech a week ago which is to keep taxes where they are for families earning less than $250,000 a year and to extend long-term unemployment insurance benefits that is basically just a small slice of what the president had been proposing for quite some time. the administration official also says that the president is putting it on republicans to come up with a counteroffer that they say can pass the house and the senate. if not, the president said, he wants an up-or-down vote on his proposal in the house or the senate. so congressional leaders left here. other than h
are headed to tumble over the cliff. let's check with rich edson with the latest. >> tracy will have to come up with a new term. we will be saying this afternoon years. democrats and republicans deck at each other saying it is your turn to make a move, up to you to move next, no movement on capitol hill, and there was speculation the white house would send a proposal to capitol hill and that has been denied by an aide to the senate majority leader, harry reid taking to the senate floor saying he thinks it looks like we are headed over the fiscal cliff and he hang that on the house. >> if we go over the cliff and it looks like that is where we are headed the house of representatives, with four days left after the first of the year, are not here with the speaker having told them give them 48 hours notice. i can imagine their consciences, out wherever they are around the country and we are here trying to get something done. >> response from the speaker's office saying senator harry reid should talk wes and legislate more. the house have already passed legislation to avoid the fiscal cliff. demo
couple of days and into the hands of people in the senate. adam: rich edson at the white house. i know that you are going to regroup. gerri willis and "the willis gerri willis and "the willis right now. >> biological attack is possible. >> swine flu panic grips the nation. >> climate change is killing people. >> the media says life is horrible. >> poverty has reached new depths. >> but the media missed the big picture. >> i was only four when i saw my motherlode a washing machine for the first time. >> this is a wonderful word and getting better. his grandmother was thrilled by a washing machine. >> she sat down and watched the entire washing program. >> two, one, fire! >> the machines coming next or better thanks to competition. and they build school cars and space ships. >> entrepreneurs do what only governments did before. >> maybe cities will be built on water flow from big government. >> this is outside the united states jurisdiction. >> life gets better because ideas have sex. >> wait, ideas hav sex? >> yes. >> ideas spread. when they meet they can mate. >> because of that we liv
news tonight. the house that to vote on speaker boehner's land transport. rich edson has more. >> these are the automatic spending cuts that are supposed to hit the economy in january. the total for next year is about $94 billion. the house will not only go to prott those earning a million dollars a year or less from a tax rate increase or any tax rate increase, that includes investment income, but they will also have a vote tomorrow that replaces the first year of what is known as the sequester. the $90 billion in cuts next year with cuts elsewhere in the federal government. originally the house was and when did you now it addresses that in their vote tomorrow. not sure what time it will go. again, the automatic spending cuts, after the military and other domestic spending, the house will go to replacement tomorr along with protecting those earning less than a million dollars a year from a tax increase. gerri: thank you for bringing it to us. thank you for your time. still to come, more fallout from instagram. the switch on handling your photos. after a thanksgiving weekend f
. connell: we love when you go all congressional jargon on us. rich edson. [talking over each other] connell: he was on top of things. dagen: holy segments, batman. how much would you pay to own the original batmobile? i just read what they write. not really, but i did it that time. connell: our very own key crusaders dennis and cheryl are coming up. it is that time. we will be right back. ♪ switchgrass in argentina, change engineering in dubai, aluminum production in south africa, and the aerospace industry in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. every human being is unique. and there is one store that recognizes it. the sleep nuertore. the only place in the world you'll find the extraordinarily comfortable sleep number experience. an exclusive collection of innovations tha
leading them back to where they started. rich edson, from washington. it was a fire drill. we'll vote on the debt ceiling. no we'll not vote on the debt ceiling. >> a little bit. the senate version of that, which is little more muted that is kind of an idea behind it. this argument goes well beyond just raising tax rates. though that is the most significant obstacle in reaching a debt deal. but the white house wants congress to cede its authority to raise the federal borrowing limit and allow the president to request increased in the debt ceiling and only be denied in a -- if a supermajority in congress objections. republicans kuhl that a power grab. the white house says he is simply trying to avert another debt ceiling panic. >> i would ask american business, i would ask american workers whether they think that what happened in the summer of 2011 when republicans, some with great enthusiasm, threatened to have the united states default for the first time in its history. >> look, the only way we ever cut spending around here is using debate over the debt limit to do it. now the presid
on the debate within the republican party about the fiscal cliff deal. rich edson has what, what is being discussed here, what is the latest, rich? >> a plan b on the fiscal cliff on taxes, stuart. this is coming from house speaker john boehner who is addressing republicans right now. we have a source in the room telling us that republicans will vote on a plan b in the house. likely this week. it will allow americans to avoid higher tax rates starting on january 1st. this deals with just the tax portion here on different rates. so, the threshold that republicans want is a million dollars. you wouldn't get a tax hike on your rates if you earned less than 1 million dollars annually. so that's a plan b that republicans vote on on the house. house speaker john boehner still wants a grand bargain with president obama. the two sides were drawing closer, last night their deal gave some discouragement to house speaker john boehner, so he's putting a second plan on the table and prefers president obama and they'll take it to-- >> it sounds like speaker boehner cannot sell the deal he's approaching
with president obama. with congress not in session will we get any closer to a deal? rich edson with the latest in d.c. you were there outside the white house last night for that frank meeting. we got nothing out of that, did we? >> right. i was going to say, tracy. congress has been in session all week. house speaker john boehner has been here all week. the president has been here all week. we haven't made any ground up. you're looking at structure house speaker john boehner is back in ohio. president is back here. he is accessible by phone. can jump on an airplane to come back here. what we're hearing from the meeting with aides close to the process they'rr saying still no movement on the fiscal cliff. the big part is being at thats. democrats want tax rates to increase, starting in january, on families earning more than $250,000 a year. the republican argument is that it would stunt the economy. it would hurt economic growth and hurt small businesses and white house basicallyally says, republicans are wrong. >> we had a little recent history to compare which kinds of economic plans work and
deal done in time. definitely the clock is ticking. rich edson joins us from the white house with the very latest with the governors meeting today, rich. >> right. with the governors meeting a number of democrats and republicans emerged from the west wing saying they pressed the president to get a deal done. they say they didn't endorse or reject either of the proposals on the table but still washington continues to muddle through this. the democrats have a proposal on the table. the republicans say it is not serious. republicans have a proposal on the table. democrats say it is not serious. now a new line in the sand from president obama, this from an interview with bloomberg tv a short while ago saying we're going to have to see the rates on the top 2% go up and we're not going to be able to get a deal without it. the president hadn't gone there before. perhaps there was perhaps a wiggle room following thought. still there is no line in the sand how much rates have to go up. the white house position is that they must go back to clinton rates for top earners. that is nearly
as lawmakers continue to scramble to get a fiscal cliff deal done. rich edson has the latest. rich: they are considering legislation here in the senate today. president obama says he called to talk to congressional leaders, democrats and republicans, last evening. there is no progress here to report. president obama put it all on the house. >> they are operating without the house of representatives. it is being operated with a dictatorship of the speaker, not allowing the vast majority to get what they want. if the 250 would be brought up, it would pass overwhelmingly speaking that 250 he is discussing that would keep tax rates where they are for income amount for less than $250,000 increased those earning more. house speaker says senator reed should talk less and legislate more. senate democrats have not. they want to extend all the current tax rates and avoid some of the spending cuts. democrats are on their opening offer. they basically have not moved anywhere. there is less than a week to go. >> senator reid talking about a less than $250,000 limit. speaking right. exactly. liz
washington with the latest, peter barnes standing outside the white house. first, rich edson on capitol hill. the senate's orotund aware about an hour ago the senate finally got under way. >> reporter: good afternoon. right now they are discussing a current framework on how to address the sequester cuts, automatic government spending cuts that hit the federal budget starting this week. 94 billion for the year. they're discussing the current framework that would include protecting income amounts of less than $400,000 for individuals, 450,000 for couples , married families from a tax increase. this framework also includes keeping best -- estate tax levels where they are, extending the alternative minimum tax package that is preventing tens of millions of middle-class americans from having to pay the amt. a doctor checks, making sure that medicare doctors don't get a significant pay cut starting tomorrow and long-term unemployment insurance benefit. all these details and john how exactly they deal with the sequester, but it appears as though this remark is in place. they're dealing with the seq
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